New Construction in the Fox Chapel Schools

[Parker Snyder]

Investment Info:

Single-family residence other investment.

Purchase price: $75,000
Cash invested: $420,000
Sale price: $650,000

Wall to wall carpeting, hardwood floors, a spacious kitchen with solid surface counter tops. This custom home is four (4) bedroom, two and a half (2.5) bathrooms, with a two-story entryway. Built in the colonial style with a modern interpretation, you will find everything you need to raise your kids or retire in comfort. The home features a two stall integral drive-in garage with very tall walls - 10’ in the basement, 10’ on the first floor and 8’ on the second floor.

What made you interested in investing in this type of deal?

Two decades of experience in residential construction - started as a civil engineer with a sustainability background as a residential home energy rater. Worked as a building construction consultant for 10 years, built and renovated new homes. Started on my own in 2017 -

How did you find this deal and how did you negotiate it?

The property was bought in 2006 in a real estate partnership and we built 5 of 6 lots - this is the last one remaining

How did you finance this deal?

Regional bank, residential loan for new construction

How did you add value to the deal?

Smart choices for finishes, foamed the house top to bottom, high efficiency appliances.

What was the outcome?

Listed the home in early August 2019.

Lessons learned? Challenges?

Easier than my last deal which was a buy, rehab, refinance, hold.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not yet, did a flat fee listing through Fizber via US Realty and considering listing it w an agent if it doesn't sell in 90 days FSBO